Associated Alcohols & Breweries Ltd

Q4 FY26Beverages

Associated Alcohols & Breweries Ltd Q4 FY26 Results & Concall Highlights: Revenue, Margins & Order Book

Q4 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹726

Market cap₹1.4K Cr

P/E17.3

Updated23 Aug 2026

Read4 min read

The short version

IMFL proprietary brands expected to grow 25-30% year-on-year in coming years (Page 6, 15). IMFL proprietary brands expected to grow at 25%-30% YoY starting FY27, driving core business growth.

From Associated Alcohols & Breweries Ltd's Q4 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

IMFL proprietary brands expected to grow 25-30% year-on-year in coming years (Page 6, 15).
Overall revenue growth target is double-digit, around 10% plus for FY27 (Page 8).
IMFL business to contribute 50% of total revenue in next 3-5 years, implying IMFL sales could grow from INR177 crores to INR350-500 crores as total revenue crosses INR1000 crores (Page 14-15).
Introduction of premium products (tequila, single malt whiskey, RTD) will substantially add to topline in 3-4 years; single malt launching FY28-FY29 with 15-20% growth anticipated from FY28 onwards (Page 9, 10).
Volume growth expected for IMFL brands about 25-30% Y-o-Y (Page 12, 15).
Expansion into new states with significant traction expected in Chhattisgarh, Delhi, UP, and steady growth in Maharashtra (Page 7).
Ethanol volumes currently down but expected to increase if blending policy rises from 20% to 22-25% (Page 6, 15).

Profitability & Margins

IMFL proprietary brands expected to grow at 25%-30% YoY starting FY27, driving core business growth.
Overall consolidated revenue growth targeted at double digits (10%+) for FY27.
FY28 and FY29 growth projected to accelerate due to launch of single malt whiskey, with value growth around 15%.
EBITDA margin for FY27 guided at approximately 15%, with potential for margin expansion from FY29 alongside premium product ramp-up.
Initial marketing investments for premium products may reduce margins to 15%-17% from current 22%, recovering as brand awareness builds.
Ethanol business expected to see volume improvement with government considering increasing ethanol blending from 20% to 22%-25%.
Long-term strategic focus on scaling proprietary IMFL brands and premiumization to improve profitability and EPS.

See what Associated Alcohols & Breweries Ltd said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

The company has completed an acquisition of SDF Industries for INR 30 crores.
An additional INR 10 crores capex is planned for uplifment, modernization, and automation of the SDF plant.
The acquisition and capex aim to gain control over production (previously reliant on third-party bottling), improve efficiency, ensure stable supply, and support volume growth in Kerala.
Overall, this investment supports the strategic goal of expanding presence in Kerala and increasing market share.
No other specific capex or strategic investment amounts mentioned for FY27 apart from the above.

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Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

The transcript does not mention any current or planned fundraising through debt or equity.
The company states that their balance sheet is net debt free.
Capex plans include INR 10 crores for plant modernization post SDF Industries acquisition, which was an INR 30 crores acquisition, but no external financing is indicated.
There is no explicit mention of raising funds through equity or additional debt in the discussion.
The company focuses on growing proprietary IMFL brands and operational efficiencies without referencing new fundraising.

See what Associated Alcohols & Breweries Ltd said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

The transcript does not explicitly mention current or expected order book or pending orders for Associated Alcohols & Breweries Limited. However, the following related points can be noted: - The company is focusing on expanding its IMFL proprietary brands with an expected 25-30% volume growth year-on-year. - It has entered 14 states, with major contributions from Madhya Pradesh and Kerala; expecting traction from Chhattisgarh, Delhi, and Uttar Pradesh. - Plans to launch premium products like tequila and single malt whiskey within the next 3-4 years. - The acquisition of SDF Industries in Kerala is expected to enhance production capacity and address operational challenges. - Exploring new opportunities in ethanol sales beyond oil marketing companies as government policies for ethanol blending may increase demand. No direct details on order books or pending orders were disclosed in the provided transcript.

Associated Alcohols & Breweries Ltd — Quarterly revenue & net profit

Revenue Net profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹238 Cr, net profit ₹24 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What Associated Alcohols & Breweries Ltd's management said in earlier quarters

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Frequently Asked Questions

What were Associated Alcohols & Breweries Ltd Q4 FY26 results?

IMFL proprietary brands expected to grow 25-30% year-on-year in coming years (Page 6, 15). IMFL proprietary brands expected to grow at 25%-30% YoY starting FY27, driving core business growth.

What is Associated Alcohols & Breweries Ltd share price analysis?

Associated Alcohols & Breweries Ltd currently shows a neutral. The stock trades at a P/E of 17.3 with a market cap of ₹1,434 Cr. Investors should review the full earnings analysis for detailed insights.

Is Associated Alcohols & Breweries Ltd planning capital expenditure?

The company has completed an acquisition of SDF Industries for INR 30 crores.

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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.